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A pair of South Florida firms acquired the Tri-County Business Park in Westchase for $37 million late last month.
Biscayne Atlantic and Genet Property Group acquired the 14-building park, at 13300 McCormick Drive, from a partnership controlled by Birtcher Anderson Realty, of California.
In all, Tri-County — Biscayne Atlantic and Genet’s first purchase in the Tampa Bay area — contains 492,235 square feet of light industrial buildings.
The property was 79% leased at the time of the sale, thanks in part to an aggressive leasing campaign over the past two years by Colliers International Tampa Bay, which executed 88 separate transactions during that time.
Biscayne Atlantic has retained Colliers International’s Executive Managing Director of Industrial Services Ryan Vaught and Director Robyn Hurrell to lease the balance of the park.
The duo also represented Birtcher Anderson in negotiations for the sale of the property.
“Biscayne is a value-add buyer, and we believe there’s tremendous upside with this property,” Vaught says.
Cushman & Wakefield’s Equity Debt & Structured Finance Team Senior Director Jason Hochman and Michael Ciadella arranged for $30 million in fixed-rate acquisition and operations financing for the buyers from Bank United.
“This was a quick and seamless execution by all parties, especially the buyer,” says Hochman. “Tri-County Business Park has an unbeatable central location within Tampa Bay and is well positioned for success under its new ownership.”
The sale of Tri-County comes roughly four months after Birtcher Anderson sold six buildings in the park to a Timonium, Md.-based real estate firm for $15.83 million.
Park Six, as the collection of buildings is known, contains 184,500 square feet on 25 acres at 11902-12402 Race Track Road. It was 91% occupied at the time of its sale.
Birtcher Anderson acquired all 20 buildings in Tri-County and Park Six in late 2017 for $40.4 million, property records show.
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